Hong Kong to unveil 3 e-banking security measures to combat financial fraud

Hong Kong to unveil 3 e-banking security measures to combat financial fraud

The HKMA’s ‘E-Banking Security ABC’ measures will enhance online banking security, deputy chief executive Arthur Yuen says.

HKMA Steps Up Against Digital Scams with Fresh Safeguards - Fintech Hong Kong

The Hong Kong Monetary Authority (HKMA) announced “E-Banking Security ABC,” a series of new anti-digital fraud measures to better protect the public from evolving digital fraud trends and strengthen public protection. HKMA introduced the “E-Banking Security ABC” framework to combat the growing sophistication of fraud schemes, particularly those leveraging technologies like artificial intelligence and deepfakes. This initiative focuses on three k…

HKMA Unveils New Measures to Bolster E-Banking Security

Banks must empower customers to adopt bound devices instead of SMS OTPs and deactivate higher risk e-banking functions. To continue reading... Sign in Password * Remember me Lost your password? Subscribe Subscribe to Regulation Asia to gain access to APAC’s leading platform for news, analysis, research and verified data on financial regulation. Select More Information below to view our…

HKMA Launches E-Banking Security ABC Initiative to Combat Financial Fraud

The Hong Kong Monetary Authority (HKMA) has unveiled a comprehensive set of anti-fraud security measures to be implemented by 14 banks during the current quarter, aimed at strengthening electronic banking security and preventing financial scams. The initiative comes amid a global surge in digital banking fraud and follows similar protective measures implemented by financial institutions worldwide. The centerpiece of these new measures is the “E-…

Hong Kong To Introduce 3 Digital Security Measures To Combat Financial Fraud - Cybernoz - Cybersecurity News

The Hong Kong Monetary Authority (HKMA) will announce on Monday new measures to be implemented by banks to safeguard the public from financial fraud, stepping up its vigilance to prevent scams that caused losses of HK$9.15 billion (US$1.2 billion) last year. Called “E-Banking Security ABC”, the “ABC” refers to tightening “authorisation” methods for transactions, saying “bye-bye” to chosen functions and “cancelling” suspicious transactions. These…